Steps Before and After Product Launch

Product development is a dynamic journey that encompasses various phases, from conceptualization to market maturity, each with its distinct challenges and goals.

During the development of a product, there are seven phases that it goes through:

1. Conceive: In the initial stage, user problems are collected, and brainstorming is done to generate solutions based on the gathered data.
2. Plan: Market research is conducted on the ideas, and a roadmap for the product is created.
3. Develop: Timelines and product features are defined. Details such as requirements, user stories, specs, and estimations are established during this phase.
4. Iterate: The company completes the Minimum Viable Product (MVP) and tests it against the expectations.
5. Launch: Collaboration with other departments of the company, such as marketing, legal, public relations, and sales, is essential for the product’s release. The company launches the product and observes the reactions it receives.
6. Steady State: Metrics are collected and optimized, and sales continue.
7. Maintain or Kill: Data is analyzed, and considerations like competitiveness and return on investment are evaluated. Based on the decisions made, the product is either discontinued or maintained. Even if the product is profitable, it may not align with the company’s vision. If the company decides to discontinue the product, they undergo a process known as “sun-setting,” which involves a gradual transition to the end of the product’s life.

Once a company has developed a new product, it goes through four main stages:

1. Introduction: The company introduces the new product to the market when there are no direct competitors yet.
2. Growth: The product gains acceptance in the market, and sales start to increase. The company begins to improve the product. Although there may be some competitors, they are limited.
3. Maturity: Sales reach their peak, and the product faces increased competition. Managing this competition can be challenging for the company.
4. Decline: The company reaches a saturation point, and sales begin to decline. The product is gradually phased out of the market. If the company has not effectively managed competition and adapted to the market, users may perceive the product as outdated.